Inheritance from living dad. Canadian/USA citizen

flames99 · Post by **flames99** » Sat Sep 19, 2015 7:08 pm

I did a quick search and did not find an answer. I have dual citizenship, Canadian/American. My dad is alive and lives in British Columbia Canada. He wants to give me a lump sum of cash. What is the best way to do this, so I do not have to pay a boat load of USA taxes on it? I do have a Cdn bank account, which only has pennies in it, Any advice on the best route to take would be greatly appreciated. With the Canadian dollar being so low, I don't really want to bring the $$$ to the USA, just leave it in Canada. Any help would be super, ty

flames99 · Post by **flames99** » Sat Sep 19, 2015 7:41 pm

Played around with the search feature, and form 3520 pops up. But it states 100,000 or more, mine is less than that. Can I guess that I do NOT have to fill out form 3520 and I will NOT be taxed on this GIFT from my father. ty

nelsona · Post by **nelsona** » Sat Sep 19, 2015 10:56 pm

Even if it were $1,000,000 it would not be taxed.
He can give you as much as he ants. There atre no tax implications for you (nor him). If it is ver $100K, you merely list it on a 3520, that is it.
If HE were a US citizen, then HE would be subject to gift tax,

flames99 · Post by **flames99** » Sun Sep 20, 2015 4:02 am

TY Nelsona.....Appreciate it.